Market Effect of Large Shareholders' Reduction and Its Determinants——A Study Based on Market Environment

LIU Ya-li; WANG Wei

Volume 26 Issue 2

Jun. 2021

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Article Navigation > Journal of University of Science and Technology Beijing ( Social Sciences Edition) > 2010 > 26(2): 40-46

LIU Ya-li, WANG Wei. Market Effect of Large Shareholders' Reduction and Its Determinants——A Study Based on Market Environment[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2010, 26(2): 40-46.

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LIU Ya-li, WANG Wei. Market Effect of Large Shareholders' Reduction and Its Determinants——A Study Based on Market Environment[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2010, 26(2): 40-46.

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Market Effect of Large Shareholders' Reduction and Its Determinants——A Study Based on Market Environment

LIU Ya-li,
WANG Wei

School of Economics and Management University of Science and Technology Beijing 100083, China

Received Date: 2010-04-08
Available Online: 2021-06-26

Abstract

Abstract

This paper, based on market environment, studies the market effect of large shareholders'reducing holdings and determinants in Chinese capital market.It is found that in a short-term, large shareholders'reduction really has a wealth effect.The degree of large shareholders' reduction has a significant negative influence on the degree of wealth effect, especially in an increasing market environment.The investing value of companies reduced also significantly affects the degree of wealth effect, however, the results are not consistent.The investors'preference reversal is influenced by complex factors and their rationality is limited.
- large shareholders'reducing holdings,
- market effect,
- market environment,
- determinants,
- investors'rationality

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